Alphabet Inc. (GOOGL) Q3 2025 Earnings Call October 29, 2025 5:30 PM EDT
Company Participants
James Friedland - Senior Director of Investor Relations
Sundar Pichai - CEO & Director
Philipp Schindler - Senior Vice President & Chief Business Officer of Google
Anat Ashkenazi - Senior VP & CFO
Conference Call Participants
Brian Nowak - Morgan Stanley, Research Division
Douglas Anmuth - JPMorgan Chase & Co, Research Division
Eric Sheridan - Goldman Sachs Group, Inc., Research Division
Mark Shmulik - Sanford C. Bernstein & Co., LLC., Research Division
Michael Nathanson - MoffettNathanson LLC
Ross Sandler - Barclays Bank PLC, Research Division
Kenneth Gawrelski - Wells Fargo Securities, LLC, Research Division
Justin Post - BofA Securities, Research Division
Presentation
Operator
Welcome, everyone. Thank you for standing by for the Alphabet Third Quarter 2025 Earnings Conference Call. [Operator Instructions] I would now like to hand the conference over to your speaker today, Jim Friedland, Head of Investor Relations. Please go ahead.
欢迎各位参加 Alphabet 2025 年第三季度财报电话会议，感谢耐心等待。[操作提示] 现在把会议交给今天的发言人、投资者关系负责人 Jim Friedland。请开始。
James Friedland
Senior Director of Investor Relations
Thank you. Good afternoon, everyone, and welcome to Alphabet's Third Quarter 2025 Earnings Conference Call. With us today are Sundar Pichai, Philipp Schindler, and Anat Ashkenazi.
谢谢大家。各位下午好，欢迎参加 Alphabet 2025 年第三季度财报电话会议。今天与会的有 Sundar Pichai、Philipp Schindler 和 Anat Ashkenazi。
Now I'll quickly cover the safe harbor. Some of the statements that we make today regarding our business, operations and financial performance may be considered forward-looking. Such statements are based on current expectations and assumptions that are subject to a number of risks and uncertainties. Actual results could differ materially. Please refer to our forms 10-K and 10-Q, including the risk factors. We undertake no obligation to update any forward-looking statement.
接下来我快速说明安全港声明。我们今天关于公司业务、运营和财务表现所作的部分陈述可能属于前瞻性声明。这些声明基于当前的预期和假设，存在多种风险和不确定性，实际结果可能与之有重大差异。请参阅我们的 10-K 和 10-Q 文件中的相关风险因素。我们不承担更新任何前瞻性声明的义务。
During this call, we will present both GAAP and non-GAAP financial measures. A reconciliation of non-GAAP to GAAP measures is included in today's earnings press release, which is distributed and available to the public through our Investor Relations website located at abc.xyz/investor. Our comments will be on year-over-year comparisons unless we state otherwise.
在本次电话会议中，我们将同时提供按 GAAP 与非 GAAP 口径编制的财务指标。非 GAAP 指标与 GAAP 指标的调节表已包含在今日发布的财报新闻稿中，公众可通过我们位于 abc.xyz/investor 的投资者关系网站获取。除非特别说明，我们的发言均以同比比较为主。
And now I'll turn the call over to Sundar.
现在把会议交给 Sundar。
Sundar Pichai
CEO & Director
Thank you, Jim. Good afternoon, everyone, and thanks for joining us. This was a terrific quarter for Alphabet, driven by double-digit growth across every major part of our business. We are seeing AI now driving real business results across the company. We delivered our first ever $100 billion quarter. Five years ago, our quarterly revenue was at $50 billion. Our revenue number has doubled since then, and we are firmly in the generative AI era. In parallel, we've built for the long term and diversified with successful businesses in cloud, YouTube and subscriptions. Our momentum is strong, and we are shipping at speed. As just a few examples: our first-party models, like Gemini, now process 7 billion tokens per minute via direct API used by our customers. The Gemini app now has over 650 million monthly active users, and queries increased by 3x from Q2. Cloud had another great quarter of accelerating growth with AI revenue as a key driver. Cloud backlog grew 46% quarter-over-quarter to $155 billion. And we crossed $300 million paid subscriptions led by growth in Google One and YouTube Premium.
谢谢你，Jim。各位下午好，感谢参加我们的电话会。对 Alphabet 而言，这是极其出色的一个季度，业务各主要板块均实现两位数增长。我们已经看到 AI 正在为公司带来实打实的业务成果。我们实现了历史上首个季度收入突破 1,000 亿美元。五年前，我们的单季收入只有 500 亿美元，如今这一数字已翻倍，我们已稳稳迈入生成式 AI 时代。与此同时，我们坚持长期主义，在 Cloud、YouTube 和订阅业务上实现多元化并取得成功。公司动能强劲，交付速度加快。举几个例子：我们的自研模型（如 Gemini）通过客户使用的直接 API，每分钟可处理 70 亿个 token。Gemini 应用的月活用户已超过 6.5 亿，查询量较第二季度增长 3 倍。Cloud 又迎来一个加速增长的强劲季度，AI 收入是关键驱动；Cloud 积压订单环比增长 46%，达到 1,550 亿美元。我们还突破了 3 亿项付费订阅，主要来自 Google One 和 YouTube Premium 的增长。
Today, I'll discuss progress in our full stack approach to AI and then share highlights from Search, Cloud, YouTube and Waymo. As a reminder, our full stack approach spans AI infrastructure, world-class research including models and tooling, and our products and platforms that bring AI to people everywhere. First up, AI infrastructure. Our extensive and reliable infrastructure, which powers all of Google's products is the foundation of our stack and a key differentiator. We are scaling the most advanced chips in our data centers, including GPUs from our partner, NVIDIA, as well as our own purpose-built TPUs. And we are the only company providing a wide range of both.
今天我将先介绍我们在 AI 全栈战略上的进展，然后分享 Search、Cloud、YouTube 和 Waymo 的亮点。回顾一下，我们的全栈方法涵盖 AI 基础设施、包括模型与工具在内的世界级研究，以及把 AI 带给所有用户与开发者的产品和平台。首先是 AI 基础设施。我们广泛而可靠的基础设施为所有 Google 产品提供算力支撑，是我们技术栈的基石和关键差异化所在。我们在数据中心持续扩展最先进的芯片部署，包括合作伙伴 NVIDIA 的 GPU，以及我们自研、面向特定用途的 TPU，并且我们是业内唯一能同时大规模提供两类选项的公司。
As we announced yesterday at NVIDIA GTC, we are now shipping the new A4X Max instances powered by NVIDIA GB300 to our cloud customers. Our highly sought-after TPU portfolio is led by our 7-generation TPU, Ironwood, which will be generally available soon. We are investing in TPU capacity to meet the tremendous demand we are seeing from customers and partners, and we are excited that Anthropic recently shared plans to access up to 1 million TPUs.
正如我们在昨日的 NVIDIA GTC 上宣布的，我们现已向云客户提供由 NVIDIA GB300 驱动的全新 A4X Max 实例。广受欢迎的 TPU 产品线由我们的第 7 代 TPU——Ironwood 领衔，将在不久后全面可用。我们正加大对 TPU 产能的投入，以满足来自客户与合作伙伴的巨大需求；令人振奋的是，Anthropic 最近表示计划获取多达 100 万颗 TPU 的算力访问。
Next world-class AI research, including models and tooling. Our models are world-leading. GEMINI 2.5 Pro, Veo, Genie 3 and our viral sensation Nano Banana are among the very best in class. Over 230 million videos have been generated with Veo 3, and more than 13 million developers have built with our generative models. We are looking forward to the release of Gemini 3 later this year.
接下来是世界级的 AI 研究，包括模型与工具。我们的模型处于全球领先地位。GEMINI 2.5 Pro、Veo、Genie 3 以及引发广泛传播的 Nano Banana 都属同类最佳。基于 Veo 3 已生成超过 2.3 亿段视频，使用我们生成式模型进行构建的开发者已超过 1,300 万。我们期待今年晚些时候发布 Gemini 3。
Our research leadership is advancing next frontier technologies. Last week, we announced that our Willow quantum chip achieved a major breakthrough, running an algorithm 13,000x faster than one of the world's best supercomputers, and the result is verifiable, paving the way to future practical applications. Speaking of quantum, let me congratulate Michel Devoret, our Chief Scientist for quantum hardware. He received a Nobel in physics for early research he did in the 1980s. Three Nobels awarded to current Googlers in 2 years. Incredible.
我们的研究领导力正推动下一代前沿技术。上周我们宣布，Willow 量子芯片取得重大突破，在某项算法上的运行速度比世界最强的超级计算机之一快 13,000 倍，且结果可验证，为未来的实际应用铺平道路。说到量子研究，也祝贺我们量子硬件首席科学家 Michel Devoret，他因 20 世纪 80 年代的早期研究获颁诺贝尔物理学奖。两年内现任 Googlers 已获得三项诺贝尔奖，令人惊叹。
And third, our products and platforms. We are bringing AI to more people and developers than anyone else. In July, we announced that we processed 980 trillion monthly tokens across all our surfaces. We are now processing over 1.3 quadrillion and monthly tokens, more than 20x growth in a year. Phenomenal.
第三，我们的产品与平台。我们让比任何人都更多的用户和开发者用上 AI。7 月份我们宣布，在所有入口每月处理 980 万亿个 token；如今每月处理量已超过 1.3 千万亿个 token，较一年前增长超过 20 倍。表现非凡。
This quarter, we took big steps to reimagine Chrome as a browser powered by AI through deep integrations with Gemini and AI Mode in Search with more agentic capabilities coming soon. In August at Made by Google, we unveiled our Pixel 10 series of devices. They are the first with our most powerful chip designed to run on Gemini Tensor G5. They're our best reviewed devices ever. And last week, we launched Android XR, our new operating system at Samsung's Galaxy XR device. It brings new ways to use headsets and glasses with Gemini at the core.
本季度，我们通过与 Gemini 的深度集成，以及在 Search 中的 AI Mode，迈出重塑由 AI 驱动的 Chrome 浏览器的重要一步，并将很快推出更多具备代理能力的特性。8 月的 Made by Google 上，我们发布了 Pixel 10 系列设备——首批搭载我们为 Gemini 设计的最强芯片 Gemini Tensor G5 的产品，也是至今口碑最佳的设备。上周我们还在 Samsung 的 Galaxy XR 设备上推出了全新的操作系统 Android XR，以 Gemini 为核心，为头显与眼镜带来全新使用方式。
Now turning to highlights from Search. AI is driving an expansionary moment for Search. As people learn what they can do with our new AI experiences, they're increasingly coming back to Search more. Search and its AI experiences are built to highlight the web, sending billions of clicks to sites every day. During the Q2 call, we shared that overall queries and commercial queries continue to grow year-over-year. This growth rate increased in Q3, largely driven by our AI investments in Search, most notably AI Overviews and AI Mode. Let me dive into the momentum we are seeing.
下面转到 Search 的亮点。AI 正在推动 Search 进入扩张时刻。随着用户逐步了解我们新的 AI 体验可以完成的任务，他们回到 Search 的频率在提升。Search 及其 AI 体验的设计宗旨是凸显开放网页，每天向网站导流数十亿次点击。在第二季度电话会上，我们提到总体查询量与商业查询量均实现同比增长；在第三季度，这一增速进一步提升，主要受益于我们在 Search 领域的 AI 投入，尤其是 AI Overviews 与 AI Mode。下面详细介绍我们看到的动能。
As we have shared before, AI Overviews drive meaningful query growth. This effect was even stronger in Q3 as users continue to learn that Google can answer more of their questions, and it's particularly encouraging to see the effect was more pronounced with younger people.
正如我们此前分享的，AI Overviews 显著带动了查询增长。随着用户意识到 Google 能回答更多问题，这一效应在第三季度更为强劲；尤其令人鼓舞的是，这种提升在更年轻的用户群体中更为明显。
We're also seeing that AI Mode is resonating well with users. In the U.S., we have seen strong and consistent week-over-week growth in usage since launch and queries doubled over the quarter.
我们同样看到 AI Mode 深受用户欢迎。在美国市场，自发布以来使用量呈现持续且强劲的周度增长，季度内查询量实现翻番。
Over the last quarter, we rolled out AI Mode globally across 40 languages in record time. It now has over 75 million daily active users, and we shipped over 100 improvements to the product in Q3, an incredibly fast pace. Most importantly, AI Mode is already driving incremental total query growth for Search. Philipp will talk more about monetization and share how AI is helping people connect with businesses and shop on Search.
在过去一个季度里，我们以破纪录的速度在全球 40 种语言中推出了 AI Mode。该功能目前拥有超过 7,500 万日活用户，我们在第三季度为产品交付了 100 多项改进，迭代速度极快。更重要的是，AI Mode 已经在推动 Search 的总查询量实现增量增长。Philipp 将进一步讨论商业化，并分享 AI 如何帮助用户在 Search 上连接商家与完成购物。
Next, Google Cloud. Our complete enterprise AI product portfolio is accelerating growth in revenue, operating margins and backlog. In Q3, customer demand strengthened in 3 ways. One, we are signing new customers faster. The number of new GCP customers increased by nearly 34% year-over-year. Two, we are signing larger deals. We have signed more deals over $1 billion through Q3 this year than we did in the previous 2 years combined. Third, we are deepening our relationships. Over 70% of existing Google Cloud customers use our AI products, including Banco BV, Best Buy and FairPrice Group.
接下来是 Google Cloud。我们完整的企业级 AI 产品组合正在加速推动收入、运营利润率与积压订单的增长。第三季度，客户需求在三个方面走强。第一，我们获取新客户的速度更快，新增 GCP 客户数量同比增长近 34%。第二，我们签下的合同金额更大，今年截至第三季度，超过 10 亿美元的大单数量已超过前两年累计。第三，我们与客户的关系更为深化，超过 70% 的现有 Google Cloud 客户在使用我们的 AI 产品，包括 Banco BV、Best Buy 和 FairPrice Group。
As we scale, we are diversifying revenue. Today, 13 product lines are each at an annual run rate over $1 billion. And we are improving operating margin with highly differentiated products built with our own technology. This deep product differentiation starts with our AI infrastructure. We have a decade of experience building AI accelerators and today, offer the widest array of chips. This leadership is winning customers like HCA Healthcare, LG AI Research and Macquarie Bank, and it's why 9 of the top 10 AI labs choose Google Cloud.
随着规模扩大，我们的收入更加多元化。如今有 13 条产品线的年化收入规模各自超过 10 亿美元。我们也通过基于自研技术打造的高度差异化产品来提升运营利润率。这种深层差异化源自我们的 AI 基础设施。我们在构建 AI 加速器方面拥有十余年的经验，如今可提供业内最广泛的芯片选择。正是这种领先地位赢得了 HCA Healthcare、LG AI Research 和 Macquarie Bank 等客户，这也是前 10 大 AI 实验室中有 9 家选择 Google Cloud 的原因。
We are also the only cloud provider offering our own leading generative AI models including Gemini, Imagen, Veo, Chirp and Lyria. Adoption is rapidly accelerating. In Q3, revenue from products built on our generative AI models grew more than 200% year-over-year. Over the past 12 months, nearly 150 Google Cloud customers each processed approximately 1 trillion tokens with our models for a wide range of applications. For example, WPP is creating campaigns with up to 70% efficiency gains. Swarovski has increased e-mail open rates by 17% and accelerated campaign localization by 10x.
我们也是唯一一家提供自研领先生成式 AI 模型（包括 Gemini、Imagen、Veo、Chirp 和 Lyria）的云服务商。采用速度正在迅速加快。第三季度，基于我们生成式模型构建的产品收入同比增长超过 200%。过去 12 个月中，近 150 家 Google Cloud 客户在广泛的应用场景中，分别使用我们的模型处理了约 1 万亿个 token。比如，WPP 在营销活动创建上实现了最高 70% 的效率提升；Swarovski 的邮件开启率提高了 17%，活动本地化速度加快了 10 倍。
Earlier this month, we launched Gemini Enterprise, the new front door for AI in the workplace, and we are seeing strong adoption for agents built on this platform. Our packaged enterprise agents in Gemini Enterprise are optimized for a variety of domains, are highly differentiated and offer significant out-of-box value to customers. We have already crossed 2 million subscribers across 700 companies.
本月早些时候，我们推出了 Gemini Enterprise——面向职场的 AI 新入口，并看到基于该平台构建的代理（agents）获得强劲采用。Gemini Enterprise 中的即用型企业代理针对多种业务领域进行了优化，差异化程度高，能够为客户提供显著的开箱即用价值。目前我们已在 700 家公司中累计超过 200 万订阅用户。
Next, YouTube. In the living room, YouTube has remained #1 in streaming watch time in the U.S. for more than 2 years, according to Nielsen. Last month marked YouTube's first time as a live NFL broadcaster. This exclusive global broadcast, live from Brazil, drew more than 19 million fans and set a new record for most concurrent viewers of a live stream on YouTube.
接下来是 YouTube。根据 Nielsen 的数据，在客厅大屏场景中，YouTube 在美国的流媒体观看时长已连续两年多位居第一。上个月，YouTube 首次作为 NFL 的直播播出方，从巴西进行的这场全球独家直播吸引了超过 1,900 万名观众，并创下了 YouTube 平台直播同时在线观看人数的新纪录。
YouTube Shorts also continues to perform well. In the U.S., Shorts now earn more revenue per watch hour than traditional in-stream on YouTube. At our Made on YouTube event, we rolled out a number of AI-powered features that are helping create a supercharged creation and build their businesses. AI is now streamlining the entire content creation workflow from generative video tools and more efficient editing to AI-powered insights that help creators optimize their channels. We are also using AI to expand monetization, automatically identifying products to make their videos more shoppable. Philipp will discuss in more detail.
YouTube Shorts 也持续表现强劲。在美国，Shorts 现在每观看小时产生的收入已高于 YouTube 上传统的中插广告。在我们的 Made on YouTube 活动上，我们推出了多项由 AI 驱动的功能，帮助创作者实现“超级增压”，并建设他们的业务。AI 正在贯通精简整个内容生产流程：从生成式视频工具、更高效的剪辑，到为创作者提供基于 AI 的洞察以优化频道。我们也在利用 AI 拓展商业化，自动识别视频中的商品，让内容更具购物属性。相关细节将由 Philipp 进一步介绍。
And finally, Waymo, next year Waymo aims to open service in London, and they are working to bring service to Tokyo. They've also announced expansions to Dallas, Nashville, Denver and Seattle and secured permission to operate fully autonomously at San Jose and San Francisco Airports. Autonomous testing continues to scale in New York City.
最后是 Waymo。明年，Waymo 计划在 London 开通服务，并正努力将服务带到 Tokyo。同时他们宣布将扩展至 Dallas、Nashville、Denver 和 Seattle，并已获得在 San Jose 与 San Francisco 两地机场开展全无人化运营的许可。Waymo 在 New York City 的自动驾驶测试也在持续扩张。
The new Waymo for Business allows enterprises to offer Waymo as a work travel option. And we launched Waymo Teens accounts in Phoenix this summer. We are pleased to see usage steadily increase with positive feedback from teens and their parents alike. Waymo's growth and momentum are strong, and 2026 is shaping up to be an exciting year.
全新的 Waymo for Business 允许企业将 Waymo 作为差旅通勤选项提供给员工。我们今年夏天还在 Phoenix 推出了 Waymo Teens 账户。令人欣喜的是，使用量稳步上升，来自青少年及其家长的反馈都非常积极。Waymo 的增长与动能强劲，2026 年值得期待。
Overall, a milestone quarter, the incredible work of our teams is driving momentum across the board and our leadership in AI positions us so well for the opportunity ahead. I want to thank all of our partners and our employees for their hard work and an excellent Q3.
总体而言，这是具有里程碑意义的一个季度。我们团队的卓越工作正在全方位推动动能，而我们在 AI 领域的领先地位也让我们能够充分把握未来机遇。我要感谢所有合作伙伴和员工的辛勤付出，成就了出色的第三季度。
With that, I'll turn it over to Philipp.
下面交给 Philipp。
Philipp Schindler
Senior Vice President & Chief Business Officer of Google
Thanks, Sundar, and hello, everyone. I'll quickly cover performance for Google Services for the quarter, then structure the rest of my remarks around the great progress we're delivering across Search, Ads, YouTube and Partnerships. Google Services revenues were $87 billion for the quarter, up 14% year-on-year driven by accelerated growth in Search and YouTube, partially offset by year-on-year decline in network revenues.
谢谢 Sundar，大家好。我先快速回顾本季度 Google Services 的业绩，随后将围绕我们在 Search、Ads、YouTube 和 Partnerships 方面取得的显著进展展开。Google Services 本季度收入为 870 亿美元，同比增长 14%，主要受 Search 和 YouTube 增速加快带动，部分被网络业务收入同比下滑所抵消。
Adding some further color to our results. The 15% increase in Search and other was led by growth across all major verticals with the largest contributions from retail and financial services. YouTube saw similar performance across verticals. Its 15% growth in advertising revenues was driven by direct response followed by brand.
进一步说明一下结果。Search and other 增长 15%，由各主要垂类的普遍增长推动，其中零售与金融服务贡献最大。YouTube 在各垂类也有相似表现，其广告收入增长 15%，主要由直接回应（direct response）驱动，其次是品牌广告。
Starting with Search and other revenues, which delivered over $56 billion in revenue for the quarter. As Sundar mentioned, AI is driving an expansionary moment and transforming how people use Google Search. Our investments in new AI experiences, such as AI Overviews and AI Mode, continued to drive growth in overall queries, including commercial queries, creating more opportunities for monetization. These AI experiences are enhancing how people connect with businesses and shop on Search. We recently added shopping capabilities in AI Mode, which now help people shop conversationally in Search, and we expanded try-on capabilities to more clothing items, now available to anyone in the U.S. Lastly, we're making it easier for consumers to benefit from deals through new loyalty offerings like personalized annotations on organic results and ads.
先从 Search and other 收入说起，该项本季度收入超过 560 亿美元。正如 Sundar 提到的，AI 正在推动 Search 进入扩张期，并重塑用户使用 Google Search 的方式。我们在 AI Overviews 和 AI Mode 等新 AI 体验上的投入，持续带动整体查询量（包括商业查询）增长，创造更多商业化机会。这些 AI 体验在 Search 中强化了用户与商家的连接与购物流程。我们近期在 AI Mode 中加入了购物能力，帮助用户以对话方式在 Search 中完成购物；同时将虚拟试穿能力扩展到更多服装品类，目前已向美国所有用户开放。最后，我们通过新的忠诚度类功能（如在自然结果与广告上的个性化标注）让消费者更容易享受优惠。
Looking at monetization. Businesses can now tap into our most powerful AI search experiences. Using our most advanced AI models, we can understand and predict intent like never before, unlocking entirely new commercial pathways to provide valuable new consumer connections and helping us monetize even more efficiently.
在商业化方面，如今企业可以接入我们最强大的 AI 搜索体验。借助我们最先进的 AI 模型，我们对意图的理解与预测能力达到了前所未有的水平，开辟全新的商业路径，提供更有价值的消费者连接，并帮助我们以更高效率实现变现。
Rolled out globally in September, AI Max in Search is already used by hundreds of thousands of advertisers, currently making it the fastest-growing AI-powered search ads product. In Q3 alone, AI Max unlocked billions of net new queries. By delivering the most relevant ad across surfaces and matching advertisers against additional queries they weren't reaching before, AI Max helps advertisers discover new customers at the exact moment they need their product or service.
于 9 月全球发布的 AI Max（Search）现已被数十万广告主使用，成为增长最快的 AI 驱动搜索广告产品。仅在第三季度，AI Max 就释放了数十亿条净新增查询。通过在各入口投放最相关的广告，并将广告主匹配到此前无法触达的新增查询，AI Max 帮助广告主在用户正需要其产品或服务的关键时刻发现新客户。
Kayak, for example, look to grow conversions while staying within their ROAS goals. After turning on AI Max in Search, they grew their conversion value by 12% in early tests. We continue to infuse generative AI capabilities at every step of the marketing process. We rolled out Imagen 4 in Asset Studio and Product Studio, helping businesses produce more and better creatives.
以 Kayak 为例，他们希望在维持 ROAS 目标的前提下提升转化。启用 Search 中的 AI Max 后，其早期测试的转化价值提升了 12%。我们持续在营销流程的每个环节注入生成式 AI 能力，并在 Asset Studio 与 Product Studio 中上线了 Imagen 4，帮助企业更快产出更多、更优质的创意素材。
On the measurement front, we enriched the model supporting Meridian, our marketing mix model, with additional variables, and more granular reporting in PMax is making bidding more effective. Financial services company SoFi has been using PMax to meet its ambitious growth targets and help drive a 39% improvement in its conversion volume year-over-year.
在衡量方面，我们为营销组合模型 Meridian 增加了更多变量，并在 PMax 中提供了更细粒度的报表，使出价更为高效。金融服务公司 SoFi 一直在使用 PMax 来实现其激进的增长目标，并推动其转化量同比提升 39%。
Moving to YouTube, where we saw accelerated revenue growth. Our recommendation systems are driving robust watch time growth in our key monetization areas like shorts and living room. As we leverage Gemini models, we're seeing further discovery improvement. On direct response, we're excited about the growth in revenue we're seeing, especially from small and medium advertisers adopting demand gen.
转到 YouTube，我们看到了加速的收入增长。我们的推荐系统正推动关键变现领域（如 Shorts 与客厅大屏）的观看时长稳健提升。随着我们利用 Gemini 模型，内容发现能力进一步改善。在直接回应方面，收入增长令人振奋，尤其是中小广告主采用 demand gen 后带来的增长。
We also improved performance on demand gen with over 100 launches helping to increase conversion value by more than 40% for advertisers using target-based bidding on YouTube. The retail vertical continues to lead our growth on YouTube with demand gen helping us further monetize shopping-related categories. Looking at the living room, our long-term bet, more advertisers are adopting interactive, direct response ads, leading to an annual revenue run rate exceeding $1 billion globally for this format.
我们还针对 demand gen 推出了 100 多项更新，帮助在 YouTube 上使用目标类出价的广告主将转化价值提升逾 40%。零售垂类继续引领 YouTube 的增长，demand gen 帮助我们进一步变现场景化、购物相关类别。聚焦我们的长期押注——客厅大屏场景，越来越多广告主采用互动式、直接回应广告，该格式的全球年化收入已超过 10 亿美元。
For our viewers, we continue to give fans greater access across sports, while tapping into the best of YouTube's product innovation and creator-led content. Sundar mentioned that we expanded our NFL partnership with our first-ever exclusive global broadcast of an NFL game. Brands love the opportunity, and we sold all our ad inventory within a couple of weeks.
面向观众，我们持续在体育内容上为粉丝提供更广泛的可达性，并发挥 YouTube 在产品创新与创作者内容上的优势。正如 Sundar 提到的，我们通过首次独家全球转播一场 NFL 比赛来扩展与 NFL 的合作。品牌方对这一机会反响热烈，我们在几周内就售罄了全部广告库存。
Looking at creators. A significant force behind the thriving YouTube creator economy is the collaboration between creators and brands. Tools like direct linking to deals, websites and shorts and swappable brand segments in long form will soon help creators show how they deliver great value for brands. Thanks to a collaboration with Dude Perfect, Comcast's Xfinity drove an 8% search lift, beating other Xfinity ads, recall lift on shorts by 34%. At the same time, it decreased the cost per lifted user by 50% when compared to the next most efficient ad.
从创作者角度看，繁荣的 YouTube 创作者经济背后，一个重要驱动力是创作者与品牌的合作。诸如直连优惠、官网与 Shorts 的链接工具，以及可在长视频中替换的品牌片段等功能，将很快帮助创作者展示他们为品牌带来的价值。得益于与 Dude Perfect 的合作，Comcast 的 Xfinity 实现了 8% 的搜索提升，超过了其他 Xfinity 广告；在 Shorts 上的记忆度提升达 34%。同时，与次高效的广告相比，其每位提升用户成本下降了 50%。
We continue to invest in AI-powered features that are helping creators supercharge creation and build their businesses. With Veo 3 integration and Speech to Song, creators go from idea to iteration quicker, and new channel insights help them better understand performance.
我们持续投资于由 AI 驱动的功能，帮助创作者实现“超强增压”并壮大业务。通过集成 Veo 3 与 Speech to Song，创作者可以更快地从灵感走向迭代；新的频道洞察也帮助他们更好理解表现。
Ending on YouTube with our subscriptions product. We're also seeing momentum with strong growth in offerings such as YouTube Music and Premium and YouTube TV. We're also applying Gemini internally to help us serve customers with increased speed, intelligence and efficiency. Our sales teams use Gemini enriched with ads knowledge to streamline customer interactions. This increased productivity by over 10% led to hundreds of millions in incremental revenue and frees up sellers to engage with more customers at a deeper, more strategic level. In our customer support division, Gemini-powered solutions have managed over 40 million customer sessions so far this year and resolved hundreds of thousands of customer inquiries, and we're just getting started.
最后谈谈 YouTube 的订阅产品。YouTube Music、Premium 与 YouTube TV 等产品也在强劲增长，动能显著。我们还在内部应用 Gemini，以更快、更智能、更高效地服务客户。我们的销售团队使用注入广告知识的 Gemini 来简化客户互动，生产力提升超 10%，带来数亿美元的增量收入，并让销售能够以更深入、更具战略性的方式触达更多客户。在客户支持部门，基于 Gemini 的解决方案今年迄今已处理超过 4,000 万次客户会话，解决了数十万条客户咨询，而这仅仅是开始。
As always, I'll wrap with the progress we're seeing across partnerships where our customers tap into the strength and breadth of Google's products to accelerate their transformation. Revolut, the global financial services company, leverages Google Cloud's Vertex AI platform and Gemini models to help power its advanced customer service chatbot, develop new hyper-personalized financial products and offer predictive insights. Revolut is also increasing its presence on YouTube adopting Veo 3 for personalized creatives, making Google a key ads partner for delivering growth and launching new markets.
一如既往，我将以合作伙伴生态的进展作结。我们的客户正在利用 Google 产品的广度与能力来加速自身转型。全球金融服务公司 Revolut 正借助 Google Cloud 的 Vertex AI 平台与 Gemini 模型，驱动其先进客服聊天机器人、开发高度个性化的金融产品并提供预测性洞察。Revolut 也在 YouTube 上加大布局，采用 Veo 3 制作个性化创意，使 Google 成为其在实现增长与开拓新市场方面的关键广告合作伙伴。
In closing, I'd like to thank Googlers everywhere for their contributions to our success and as always, to our customers and partners for their continued trust. And of course, a huge thanks to all of you as we celebrate 25 years of Google Ads.
最后，我要感谢全球 Googlers 的贡献；一如既往，感谢客户与合作伙伴的持续信任。当然，也向各位致以诚挚谢意——我们正在庆祝 Google Ads 25 周年。
Anat, over to you.
Anat，交给你。
Anat Ashkenazi
Senior VP & CFO
Thank you, Philipp. My comments will focus on year-over-year comparisons for the third quarter, unless I state otherwise. I will start with results at the Alphabet level and will then cover our segment results. I'll end with some commentary on our outlook for the fourth quarter of 2025.
谢谢你，Philipp。除非另有说明，我的发言将聚焦第三季度的同比比较。我将先介绍 Alphabet 层面的业绩，然后覆盖各业务分部的结果，最后对 2025 年第四季度的展望做一些评论。
We had an outstanding quarter in Q3, continuing the strong momentum we've had throughout the year, delivering double-digit revenue growth across Search and YouTube advertising, subscriptions, platforms and devices, and Google Cloud. Consolidated revenue reached $102.3 billion, a 16% year-over-year increase or 15% in constant currency. Total cost of revenue was $41.4 billion, up 13%. TAC was $14.9 billion, up 8%. Other cost of revenues was $26.5 billion, up 16%, with the increase primarily driven by content acquisition costs largely for YouTube, followed by depreciation and other technical infrastructure operations costs. Total operating expenses increased 28% to $29.7 billion. R&D expenses increased by 22%, driven by compensation, depreciation expenses related to our AI efforts. Sales and marketing expenses were flat, and G&A expenses increased meaningfully, primarily due to the $3.5 billion charge related to the European Commission fine mentioned in the earnings press release.
第三季度表现出色，延续全年强劲动能：Search 与 YouTube 广告、订阅、平台与设备以及 Google Cloud 的收入均实现两位数增长。合并营收达到 1,023 亿美元，同比增长 16%，按不变汇率口径增长 15%。总营收成本为 414 亿美元，同比增长 13%。TAC 为 149 亿美元，同比增长 8%。其他营收成本为 265 亿美元，同比增长 16%，主要由内容获取成本（主要用于 YouTube）增加所致，其次是折旧及其他技术基础设施运营成本。运营费用合计增长 28% 至 297 亿美元。研发费用增长 22%，受薪酬及与我们 AI 投入相关的折旧费用推动。销售与营销费用持平，管理与行政费用显著上升，主要因收益稿中提及的欧盟委员会罚款相关的 35 亿美元费用计提所致。
Operating income increased 9% this quarter to $31.2 billion, and operating margin was 30.5%. Excluding the EC fine, operating income increased 22%, and operating margin was 33.9%. Operating margin benefited from strong revenue growth and continued efficiencies in our expense base, offset by the legal charge and a significant increase in depreciation expense. Other income and expenses was $12.8 billion, primarily due to unrealized gains in our nonmarketable equity securities portfolio. Net income increased 33% to $35 billion, and earnings per share increased 35% to $2.87.
本季度营业利润增长 9% 至 312 亿美元，营业利润率为 30.5%。若不计欧盟罚款影响，营业利润增长 22%，营业利润率为 33.9%。利润率受益于强劲的收入增长与费用基数的持续效率提升，但被法律费用及折旧费用的大幅增长所部分抵消。其他收益与支出为 128 亿美元，主要源于非公开股权投资组合的未实现收益。净利润增长 33% 至 350 亿美元，每股收益增长 35% 至 2.87 美元。
We generated free cash flow of $24.5 billion in the third quarter and $73.6 billion for the trailing 12 months. Free cash flow in Q3 benefited from strong operating cash flow and recent tax changes regarding the timing of when research and development costs are expensed and assets are depreciated. This was partially offset by higher CapEx. We ended the quarter with $98.5 billion in cash and marketable securities.
第三季度自由现金流为 245 亿美元，过去 12 个月为 736 亿美元。Q3 自由现金流受强劲的经营性现金流以及近期关于研发费用化与资产折旧时间点的税收变动所提振，部分被更高的资本开支所抵消。季度末现金及有价证券余额为 985 亿美元。
Turning to segment results. Google Services revenues increased 14% to $87.1 billion, reflecting strength in Google Search, YouTube advertising and subscriptions. Google Search and other advertising revenues increased by 15% to $56.6 billion, representing another robust quarter with continued growth across all major verticals with the largest contributions from retail and financial services. YouTube advertising revenues increased 15% to $10.3 billion driven by direct response advertising, followed by brand. Network advertising revenues of $7.4 billion were down 3%. Subscriptions, platforms and devices revenues increased 21% this quarter to $12.9 billion, driven by very strong growth in both YouTube and Google One subscriptions.
来看分部业绩。Google Services 收入增长 14% 至 871 亿美元，体现了 Google Search、YouTube 广告与订阅业务的强劲表现。Google Search and other 广告收入增长 15% 至 566 亿美元，再次实现稳健季度增长，所有主要垂直领域均保持增长，其中零售与金融服务贡献最大。YouTube 广告收入增长 15% 至 103 亿美元，增长主要由直接回应广告驱动，其次是品牌广告。Network 广告收入为 74 亿美元，同比下降 3%。Subscriptions、平台与设备收入本季度增长 21% 至 129 亿美元，主要受 YouTube 与 Google One 订阅的强劲增长带动。
Google Services operating income increased 9% to $33.5 billion. Operating margin declined year-over-year to 38.5% as healthy revenue growth and continued efficiencies in our expense base were offset by the impact of the EC fine, which was fully reflected in the Google Services segment.
Google Services 的营业利润增长 9% 至 335 亿美元。由于欧盟罚款对该分部全额反映，尽管收入健康增长且费用基数继续提效，营业利润率同比下降至 38.5%。
Turning to the Google Cloud segment, which again delivered very strong results this quarter as Cloud continued to benefit from our enterprise AI optimized stack, including our own custom TPUs and our industry-leading AI models. Cloud revenue increased by 34% to $15.2 billion in the third quarter, driven by strong performance in GCP, which continued to grow at a rate that was much higher than Cloud's overall revenue growth rate. GCP's growth was driven by enterprise AI products, which are generating billions in quarterly revenue.
再看 Google Cloud，本季度再次表现强劲，受益于我们的企业级 AI 优化栈，包括自研定制 TPU 与行业领先的 AI 模型。第三季度 Cloud 收入增长 34% 至 152 亿美元，主要由 GCP 的强劲表现驱动，GCP 的增长率持续显著高于 Cloud 整体收入增速。GCP 的增长由企业级 AI 产品推动，这些产品季度收入已达数十亿美元规模。
We had strong growth in enterprise AI infrastructure and enterprise AI solutions, which benefited from demand for our industry-leading models, including Gemini 2.5. Core GCP was also a meaningful contributor to growth. And we had double-digit growth in Workspace, which was driven by an increase in average revenues per seat and the number of seats.
企业级 AI 基础设施与企业级 AI 解决方案实现强劲增长，受益于包括 Gemini 2.5 在内的行业领先模型的需求。核心 GCP 也对增长作出重要贡献。Workspace 实现两位数增长，驱动因素包括单席位平均收入与席位数量的提升。
Cloud operating income increased by 85% to $3.6 billion, and operating margin increased from 17.1% in the third quarter last year to 23.7% this quarter. The expansion in Cloud operating margin was driven by strong revenue performance and continued efficiencies in our expense base partially offset by higher technical infrastructure usage costs, which includes depreciation expense and other operations costs such as energy. Google Cloud's backlog increased 46% sequentially and 82% year-over-year, reaching $155 billion at the end of the third quarter. The increase was driven primarily by strong demand for enterprise AI. As Sundar mentioned earlier, Cloud has signed more billion-dollar deals in the first 9 months of 2025 than in the past 2 years combined.
Cloud 营业利润增长 85% 至 36 亿美元，营业利润率由去年三季度的 17.1% 提升至本季度的 23.7%。利润率扩张主要受强劲的收入表现与费用基数持续提效驱动，部分被更高的技术基础设施使用成本（包括折旧与能源等运营成本）所抵消。Google Cloud 的积压订单环比增长 46%、同比增长 82%，在三季度末达到 1,550 亿美元。增长主要由企业级 AI 的强劲需求推动。正如 Sundar 先前所述，2025 年前 9 个月 Cloud 签下的 10 亿美元以上大单数量已超过过去两年总和。
In Other Bets, revenues were $344 million, and operating loss was $1.4 billion in the third quarter. Within Other Bets, we continue to allocate more resources to businesses like Waymo, where we see opportunities to create substantial value.
在 Other Bets 中，第三季度收入为 3.44 亿美元，营业亏损为 14 亿美元。在该分部内，我们持续向 Waymo 等有望创造巨大价值的业务投入更多资源。
With respect to CapEx, in the third quarter, our CapEx was $24 billion. The vast majority of our CapEx was invested in technical infrastructure with approximately 60% of that investment in servers and 40% in data centers and networking equipment. In Q3, we returned capital to shareholders through repurchases of stock of $11.5 billion and dividend payments of $2.5 billion.
关于资本开支（CapEx），第三季度我们的资本开支为 240 亿美元。资本开支的绝大部分投向技术基础设施，其中约 60% 投入服务器，40% 投入数据中心与网络设备。第三季度我们通过 115 亿美元的股票回购与 25 亿美元的股息支付向股东返还资本。
Turning to our outlook. I would like to provide some commentary on factors that will impact our business performance in the fourth quarter of 2025 as well as an updated outlook for CapEx for the year. First, in terms of revenues, we're pleased with the overall momentum of our business. At the current spot rates, we could see an FX tailwind to our revenues in Q4. However, the volatility in exchange rates could affect the impact of FX on Q4 revenues. As for our segments, in Google Services, year-over-year comparisons in advertising will be negatively impacted by the strong spend on U.S. elections in the fourth quarter of 2024, particularly on YouTube.
接下来谈展望。我想就影响我们 2025 年第四季度业务表现的因素，以及全年资本开支的最新展望作一些说明。首先在收入方面，我们对业务整体动能感到满意。按当前即期汇率计算，第四季度收入可能受益于外汇顺风（FX tailwind）；但汇率波动可能影响外汇对四季度收入的实际作用。分业务来看，Google Services 中广告的同比对比将受 2024 年第四季度美国大选旺盛投放的不利影响，尤其体现在 YouTube 上。
In Cloud, demand for our products remains high as evidenced by the accelerating revenue growth and the $49 billion sequential increase in Cloud backlog in Q3. In GCP, we see strong demand for enterprise AI infrastructure, including TPUs and GPUs, enterprise AI solutions driven by demand for Gemini 2.5 and our other AI models, and core GCP infrastructure and other services such as cybersecurity and data analytics. As I've mentioned on previous earnings calls, while we have been working hard to increase capacity and have improved the pace of server deployments and data center construction, we still expect to remain in a tight demand-supply environment in Q4 and 2026.
在 Cloud 方面，产品需求依然强劲，第三季度加速的收入增长与 Cloud 积压订单环比增加 490 亿美元即为明证。在 GCP，我们看到企业级 AI 基础设施（包括 TPU 与 GPU）、由 Gemini 2.5 及其他 AI 模型驱动的企业级 AI 解决方案、以及核心 GCP 基础设施与网络安全、数据分析等其他服务均有强劲需求。正如我在此前财报电话中所提，尽管我们一直努力提升产能，并改善服务器部署与数据中心建设的进度，但我们预计在第四季度及 2026 年仍将处于供需偏紧的环境中。
Moving to investments. We're continuing to invest aggressively due to the demand we're experiencing from Cloud customers as well as the growth opportunities we see across the company. We now expect CapEx to be in the range of $91 billion to $93 billion in 2025, up from our previous estimate of $85 billion, keeping in mind that the timing of cash payments can cause variability in the reported CapEx number. Looking out to 2026, we expect a significant increase in CapEx, and we'll provide more detail on our fourth quarter earnings call.
转向投资。受 Cloud 客户需求与公司范围内增长机会的推动，我们将继续保持积极投入。我们目前预计 2025 年的资本开支将在 910 亿至 930 亿美元之间，高于此前 850 亿美元的估计；需注意现金支付时点会导致披露的资本开支数字存在波动。展望 2026 年，我们预计资本开支将大幅上升，更多细节将在第四季度财报电话会上提供。
In terms of expenses, first, as I've mentioned on the previous earnings calls, the significant increase in our investments in technical infrastructure will continue to put pressure on the P&L in the form of higher depreciation expenses and related data center operations costs such as energy. In the third quarter, depreciation increased $1.6 billion year-over-year to $5.6 billion, reflecting a growth rate of 41%. Given the overall increase in CapEx investments, we expect the growth rate in depreciation to accelerate slightly in Q4. Second, we expect sales and marketing expenses to be more heavily weighted to the end of the year in part to support product launches and the holiday season.
在费用方面，首先，正如我在之前的财报电话中提到的，我们在技术基础设施上的大幅投资将继续通过更高的折旧费用及数据中心相关运营成本（如能源）对损益表造成压力。第三季度折旧同比增加 16 亿美元至 56 亿美元，增速为 41%。鉴于资本开支整体上行，我们预计第四季度折旧的增速将小幅加快。其次，我们预计销售与营销费用将更多集中在年底，部分用于支持产品发布与假日季。
Q3 was a strong quarter, and we're excited with the adoption of our AI products helped by a rapid pace of innovation and great execution by our teams. This translated into strong momentum in Search, YouTube ads, subscription, platforms and devices, and Cloud, resulting in our first $100 billion-plus quarter.
第三季度表现强劲，我们对 AI 产品的广泛采纳感到振奋，这得益于快速的创新节奏与团队出色的执行。由此在 Search、YouTube 广告、订阅、平台与设备，以及 Cloud 等领域转化为强劲动能，促成了我们首次单季收入突破 1,000 亿美元。
Now Sundar, Philipp and I will now take your questions.
现在由我、Sundar 和 Philipp 开始回答大家的问题。
Question-and-Answer Session
Operator
[Operator Instructions] Our first question comes from Brian Nowak with Morgan Stanley.
[操作提示] 第一位提问来自 Morgan Stanley 的 Brian Nowak。
Brian Nowak
Morgan Stanley, Research Division
The first one maybe for Philipp or Sundar. It's on agentic e-commerce and agentic travel. There's a lot of external Wall Street discussion about agentic e-commerce potentially monetizing at a lower rate than Search. So the question is what factors are you most focused on to sort of ensure a smooth transition for your search business and for your advertisers as you move over to a more agentic world?
第一个问题可能请 Philipp 或 Sundar 回答，关于 agentic e-commerce 和 agentic travel。华尔街外部有很多讨论称 agentic e-commerce 的货币化率可能低于 Search。那么问题是：当你们迈向更加 agentic 的世界时，为了确保搜索业务和广告主平稳过渡，你们最关注哪些因素？
And the second one, Sundar, is on Waymo. How far are we from an integration of Waymo into more of the core Gemini capabilities and the users on the platform taking your user data of where I'm going, what hotel I'm staying at, what airport I'm staying at and having integrated that into Waymo, so you can actually have users use their profiles to pre-schedule Waymos? How far off is that? What do we have to do?
第二个问题，Sundar，是关于 Waymo。我们距离将 Waymo 更广泛地整合进 Gemini 的核心能力有多远？比如平台用户的数据——我将去哪里、住哪家酒店、在哪个机场——都整合进 Waymo，从而让用户可以用自己的档案预先预约 Waymo。这离现实还有多远？我们需要做什么？
Philipp Schindler
Senior Vice President & Chief Business Officer of Google
Brian, great question. This is all early, but we see agentic experiences really as additive to the way people seek information. It helps us answer people's tough questions. It helps us -- it helps people get stuff done, and it helps businesses in the process. And we're working on multiple agentic experiences across key verticals such as travel, commerce, shopping and so on, and we're paying a lot of attention to creating a seamless user experience but also to the fact that we need to integrate different partner ecosystems in a way that it creates value for them.
Brian，这是个很好的问题。目前一切还处在早期，但我们认为 agentic 体验确实是在现有信息获取方式上的增量。它帮助我们回答用户的难题，帮助用户把事情完成，同时在这个过程中也帮助企业。我们正在旅游、商业、购物等关键垂直领域开发多种 agentic 体验，我们非常重视打造无缝的用户体验，同时也关注如何以能为合作伙伴创造价值的方式整合不同的生态系统。
And by the way, we're also working closely with a lot of our partners on the other side through our Cloud services to improve their own agentic experiences. And so maybe we go a little deeper on the shopping side where we actually use AI already very actively to improve the shopping experience. As you know, we launched a more visual experience on AI Mode. That gives people a much more intuitive conversational way to shop. You can simply describe what you're looking for now like the way you talk to a friend, and we'll show you the visual shopping results.
另外，我们也通过 Cloud 服务与很多合作伙伴紧密协作，提升他们自身的 agentic 体验。具体到购物，我们已经非常积极地利用 AI 来改善购物体验。正如你所知，我们在 AI Mode 上推出了更具可视化的体验，为用户提供更加直观的对话式购物方式。你只需像与朋友交谈那样描述你要找的东西，我们就会展示可视化的购物结果。
And then we think about building an agentic shopping future and it has to be one, again, that benefits both users and merchants here. And you know that [ AIO ], we also introduced new agentic checkout, which will let shoppers use like agentic AI to buy products from merchant sites and so on. We have a partnership with PayPal to help merchants build agentic commerce experiences. We have a new open protocols for agent-to-agent transactions and so on and so on.
当我们构建 agentic 的购物未来时，它必须再次强调，同时让用户和商家受益。并且你知道 [ AIO ]，我们还推出了新的 agentic checkout，允许消费者使用 agentic AI 在商家网站上完成购买等。我们与 PayPal 建立了合作，帮助商家构建 agentic 商务体验。我们还推出了用于 agent 与 agent 交易的新开放协议，等等。
Sundar Pichai
CEO & Director
And Brian, on Waymo, a great question. I was reflecting, I think, on the exact same topic. I'm scheduled to meet with the team to do a review on it in a few weeks out. Look, it is an exciting time. Waymo clearly is scaling up, particularly in 2026. And I think the possibility, as you said, of Gemini, particularly with the multimodal experience as well as services like YouTube, I think there's a real opportunity to make the in-car experience dramatically better. Definitely something we are excited about, and you'll see newer experiences in 2026 for sure.
Brian，关于 Waymo，这是个很好的问题。我想我最近也在思考同样的话题。几周后我会与团队开会评审这项工作。现在是令人兴奋的时刻，Waymo 显然在扩大规模，特别是在 2026 年。而且正如你所说，将 Gemini（尤其是其多模态体验）与 YouTube 等服务结合起来，我认为我们确实有机会显著提升车内体验。这绝对是我们感到兴奋的方向，你们肯定会在 2026 年看到全新的体验。
Operator
Our next question comes from Doug Anmuth with JPMorgan.
下一位提问来自 JPMorgan 的 Doug Anmuth。
Douglas Anmuth
JPMorgan Chase & Co, Research Division
Philipp, maybe you can just talk more about some of the drivers of the core Search strength. And I guess, in particular, when you think about AI Overviews and AI Mode, we know that query growth is accelerating. But can you help us understand from there kind of what happens in terms of clicks per query and conversion rates and pricing in these AI-driven Search formats?
Philipp，能否进一步谈谈核心 Search 保持强势的驱动因素？特别是关于 AI Overviews 和 AI Mode，我们知道查询量增长在加速，但能否帮助我们理解，在这些由 AI 驱动的搜索形态下，每次查询点击数（clicks per query）、转化率以及定价会发生怎样的变化？
And then, Anat, can you talk about where you see opportunities in the core cost space as you look to make room to absorb the rapid growth in infrastructure and depreciation going forward?
另外，Anat，随着未来基础设施与折旧的快速增长，你们如何在核心成本端腾挪空间？有哪些提效与降本的机会？
Philipp Schindler
Senior Vice President & Chief Business Officer of Google
So let me give you a bit of vertical color first. In Q3, Search and other revenues again delivered growth across all major verticals, as we said, was from retail and financial services. Health care was also a contributor to the growth here. Our new AI experiences, you mentioned them, AI Overviews, AI Mode, continued to drive growth in overall queries, including commercial queries, really creating more opportunities for monetization. AI Overviews is scaling up and working for our entire user base. We're now scaled to over 2 billion users here, and we're continuing to expand ads in AI Overviews in English to more countries, across desktop, mobile and so on. And as I've shared before, for AI Overviews, even at our current baseline of ads below and within the AI's response, overall, we see the monetization at approximately the same rate.
先给一些按垂直领域的情况。三季度，Search and other 在所有主要垂类再次实现增长，主要来自零售与金融服务，医疗健康也有贡献。正如你提到的，我们新的 AI 体验——AI Overviews 与 AI Mode——持续带动总体查询（包括商业查询）增长，从而创造更多变现机会。AI Overviews 正在大规模推广，覆盖我们的全体用户群；目前这部分用户已超过 20 亿。我们也在把英文版 AI Overviews 中的广告扩展到更多国家，并覆盖桌面、移动等多端。正如我之前分享的，即便在当前“AI 回答下方与内部展示广告”的基线配置下，整体来看 AI Overviews 的变现率与以往大致相当。
So over time, we're excited about the opportunity of richer experiences in AI Mode and AI Overviews to basically open up then the opportunity for also much richer placements. And I think as I've said on a prior call, we manage the business to drive great outcomes for our users and an attractive ROI for advertisers. We don't really manage to paid clicks and CPC targets. But as you will see in the 10-Q, paid clicks were up 7% year-on-year and CPCs were up 7% year-on-year.
展望未来，我们对在 AI Mode 与 AI Overviews 中打造更丰富体验、从而解锁更丰富广告版位的潜力感到兴奋。正如我在先前电话会上所说，我们管理业务的目标是同时为用户带来优秀体验、为广告主提供有吸引力的 ROI，而不是围绕付费点击与 CPC 指标本身去“对表”。不过，如你在 10-Q 中会看到的，付费点击同比增长 7%，CPC 同比增长 7%。
Anat Ashkenazi
Senior VP & CFO
Doug, and to your question around where else can we see more opportunity for efficiency and productivity, and I think you heard me say before, this is not a onetime type of effort but rather an ongoing way in which we manage the business, and the key here is that the more we drive productivity across our business, the more we can invest in the business for growth and obviously continue to drive improvement in the P&L.
Doug，关于进一步提升效率与生产力的空间——正如我之前所说，这不是一次性的举措，而是我们管理业务的持续方式。关键在于：整体生产力提升越多，我们就能越多地把资源投入到增长上，同时推动损益表表现的持续改善。
Some of the areas are things that you've heard us talk about in the past such as moderating the pace of headcount growth, optimizing real estate footprint but also as we invest more and more in our technical infrastructure, ensuring that we are optimizing that build-out and the overall technical infrastructure we have that a lot of the data centers, for example, that we build ourselves, so they're optimized and we make sure we do them in the most efficient way. Sundar mentioned on one of the previous calls the productivity associated with leveraging AI for Google. So there's the example, the percent of code, now nearly half of all code generated by AI, that's a way for us to leverage AI to drive further productivity across the business.
一些方向你们已多次听我们提及：放缓人员规模增长的节奏、优化办公与地产布局；同时，在技术基础设施投入持续上升的情况下，确保自建的数据中心等基础设施在设计与建设上做到最优、以最高效率完成。Sundar 在之前的电话会也提到，我们在内部广泛利用 AI 提升生产力——例如，如今近一半的代码由 AI 生成，这就是我们用 AI 推动全公司生产力提升的一个具体方式。
And obviously, we always look at making sure that when we provide services or products that we get the right economics and the right value for what we provide. So the one good example is Shorts, which has a lower revenue share than in-stream that helps to improve some of our gross margins. So this is an effort we have ongoing. I've mentioned in the past that we have a headwind with depreciation, obviously, increasing alongside our CapEx increase. So we're -- we have efforts across the organization to ensure we run the business in the most disciplined and productive way while continuing to invest for future growth.
此外，我们会持续确保所提供的产品与服务具备合理的经济性与价值回报。一个例子是 Shorts：其分成比例低于 in-stream，这有助于提升部分毛利表现。这些努力都在持续推进。同时我也提过，随着 CapEx 提升，折旧的逆风会加大。因此，我们在全公司范围内推动一系列举措，力求在继续为未来增长投资的同时，以最有纪律、最高效率的方式运营业务。
Operator
Our next question comes from Eric Sheridan with Goldman Sachs.
下一位提问来自 Goldman Sachs 的 Eric Sheridan。
Eric Sheridan
Goldman Sachs Group, Inc., Research Division
Maybe 2 if I could. Sundar, when you think about your custom silicon efforts across the organization, can you reflect a little bit about the opportunity set you see with each passing generation of custom silicon both in terms of driving operating efficiencies inside the organization and potentially increased monetization efforts around those outside of the organization?
如果可以的话我问两个问题。Sundar，当你审视公司在定制芯片（custom silicon）方面的投入时，能否谈谈每一代定制芯片带来的机会集合？既包括推动公司内部运营效率的提升，也包括对公司外部潜在变现能力的增强。
Second question would be for Philipp. Obviously, we could see the YouTube advertising revenue number in the reported results. Can you reflect little bit about the scaling of the subscription side of YouTube offerings and how the 2 parts together maybe represent an interesting framework in thinking about the monetization side of YouTube increasingly being a mix of both ads and subscription?
第二个问题给 Philipp。显而易见，我们在财报中看到了 YouTube 的广告收入数据。能否谈谈 YouTube 在订阅侧的扩张，以及广告与订阅这两部分如何共同构成一个有意思的框架，用来理解 YouTube 在变现端越来越呈现“广告+订阅”混合模式？
Sundar Pichai
CEO & Director
Eric, overall, I would say, we are seeing substantial demand for our AI infrastructure products, including TPU-based and GPU-based solutions. It is one of the key drivers of our growth over the past year. And I think on a going-forward basis, I think we continue to see very strong demand, and we are investing to meet that. I do think a big part of what differentiates Google Cloud effectively, we are the -- we have taken a full -- deep full stack approach to AI. So we are -- and that really plays out, right? We are the only hyperscaler who is really building offerings on our own models, and we are also highly differentiated on our own technology. So to your question, I think that does give us the opportunity to continue driving growth in operating margins in Cloud as we have done in the past. And also, I think from a revenue, sets the infrastructure portion of our business to be a growth driver looking ahead as well.
Eric，总体而言，我会说我们看到了对 AI 基础设施产品的强劲需求，包括基于 TPU 和 GPU 的解决方案。这是过去一年推动我们增长的关键驱动之一。展望未来，我们认为需求仍将非常强劲，我们也在加大投资以满足需求。我认为 Google Cloud 的有效差异化，很大程度上源于我们在 AI 上采取了深入的全栈（full stack）路径——这在实践中已得到验证。我们是唯一真正基于自研模型来构建产品的 hyperscaler，同时在自有技术上具备高度差异化。因此，就你的问题而言，这为我们延续 Cloud 业务的运营利润率提升提供了机会；从收入角度看，也使我们的基础设施业务板块在未来有望继续充当增长引擎。
Philipp Schindler
Senior Vice President & Chief Business Officer of Google
And to the second part of your question, look, just taking a quick step back, we often describe YouTube's business as a flywheel. Obviously, it, first of all, starts with the creators, and we have significantly invested here to be the place that YouTube creators really call their home. That's a big piece of it, the #1 piece. Viewers, of course, YouTube has billions of monthly logged-in users and every day, people watch billions of hours of video. And we talked about how our recommendation systems are driving robust watch time growth and so on and so on.
针对你问题的第二部分，退一步看，我们经常把 YouTube 的业务描述为“飞轮”。显然，它首先从创作者开始，我们在这方面进行了大量投入，让 YouTube 成为创作者真正的“家”。这是最核心的一环。其后是观众——YouTube 拥有数十亿月登录用户，人们每天观看数十亿小时的视频。我们也讨论过我们的推荐系统如何推动观看时长的稳健增长，等等。
So on the monetization side, YouTube's business is really powered, I would say, let's call it a twin engine monetization strategy, combining its advertising business and its growing subscription services. Both YouTube ads and subscription saw strong growth this quarter. And so looking at YouTube Music and Premium, users are, on average, delivering more value to creators, to music, media partners and YouTube itself than even ad-supported users do.
因此在变现端，我会说 YouTube 由“双引擎”变现战略驱动：广告业务与不断增长的订阅服务相结合。本季度 YouTube 的广告与订阅均实现强劲增长。以 YouTube Music 和 Premium 为例，这些用户平均为创作者、音乐与媒体合作伙伴以及 YouTube 本身带来的价值，甚至高于仅由广告支撑的用户。
So in other words, on average, a YouTube Music and Premium subscriber generates a meaningful higher gross profit than they were simply an ad-supported users. Fans come from all over the world. You know this and this engagement through ads and subscription generates YouTube's revenues and funds what I started with, these creators here and this then drives more viewership and engagement and so on. And that's the flywheel. And so our priority continues like this growth cycle. We're happy with this twin engine monetization strategy.
换句话说，平均来看，一名 YouTube Music 或 Premium 订阅用户所产生的毛利显著高于仅靠广告支持的用户。粉丝来自全球各地——大家都知道——他们通过广告与订阅带来的互动转化为 YouTube 的收入，又进一步反哺我一开始提到的创作者生态，进而推动更多观看与互动，如此循环，这就是飞轮。因此，我们的优先事项就是延续这种增长循环，我们对这套“双引擎”变现战略感到满意。
Operator
Our next question comes from Mark Shmulik with Bernstein.
下一位提问来自 Bernstein 的 Mark Shmulik。
Mark Shmulik
Sanford C. Bernstein & Co., LLC., Research Division
Sundar, with the strong adoption of Gemini, AI Mode and Overviews across the user base, are there any meaningful differences to call out kind of around the behavior and depth of engagement for those users across the entire Google ecosystem? And then, Philipp, I know we kind of asked this most quarters, but I'm curious kind of what some of the adoption you've seen around AI Overviews and Mode, how you see the economics of Search evolving with the higher commercial and total query volume and how it kind of compares against the incremental cost to deliver these results.
Sundar，随着 Gemini、AI Mode 和 Overviews 在用户群中的强力采用，是否在整个 Google 生态内看到这些用户行为与参与深度方面的显著差异？然后，Philipp，这个我们几乎每季都会问，但我仍想了解在 AI Overviews 与 AI Mode 的采用情况之下，你如何看待随着商业与总查询量提升，Search 的经济性演进？以及与交付这些结果的增量成本相比如何？
Sundar Pichai
CEO & Director
Mark, look, I think obviously, AI Overviews are a natural part of the Google experience, and so engagement is very, very high. I would say AI Mode, you have varied cohorts that are people who are casual users, who are checking it out. And then -- but there's a core group, which really likes AI Mode and is passionate about it, and so you see the early adopters. The product is resonating very strongly, and they are seeking it out. So I think that's how I would highlight the difference.
Mark，我认为 AI Overviews 已经自然融入 Google 的体验中，因此参与度非常高。至于 AI Mode，用户群体更为多样：有随意尝试的轻度用户，也有真正热爱、非常投入的一批核心用户——也就是早期采用者。该产品的共鸣度很强，用户会主动使用它。这大致是两者的差异。
With Gemini, again, a set of engaged user base who are seeking out the product and so on. But across the board, I think the trajectory has been we are definitely seeing in each of those use cases, a set of early adopters and then more people coming in and the people who are using it continue to use it more over time and report high user satisfaction. So I would say the underlying product metrics are pretty encouraging to see as well.
对于 Gemini，同样有一批高参与度、主动寻找产品的用户。总体上，各场景都呈现出相似轨迹：先出现一群早期采用者，然后更多用户加入；而既有用户的使用频率会随时间提升，且满意度较高。所以底层产品指标也相当令人鼓舞。
Philipp Schindler
Senior Vice President & Chief Business Officer of Google
Look, into the second part of your question, I think we covered before -- Sundar covered the query development. And as I've just said before, for the AI Overviews, even at our current baseline of ads, right, whether above, below and within the AI response, overall, we see the monetization at approximately the same rate. And this is a great baseline for further innovation. We talked about this. We're excited about where this can go.
针对你问题的第二部分，Sundar 刚才已谈到查询的发展情况。正如我之前所说，就 AI Overviews 而言，即使在我们当前的广告基线（无论是展示在 AI 回答的上方、下方，还是内部），整体变现率与以往大致相当。这为后续创新提供了很好的基线，我们对此走向感到兴奋。
And on the AI Mode side, we're testing ads in AI Mode, and we'll continue to test and learn before we expand this any further. So this is in combination with what we mentioned about the commercial query overall development. I think we're in a good place here. You could also argue that on queries, that historically have not been well-monetized. We think there is a potential opportunity here where you can obviously imagine that we can build this out with smart AI integration.
在 AI Mode 方面，我们正在测试广告，并会在进一步扩大之前持续测试与学习。结合我们提到的商业查询整体发展，我认为当前处于不错的位置。对于历史上变现不充分的查询，我们认为也存在潜在机会——可以通过更智能的 AI 集成来构建更好的变现场景。
Operator
Our next question comes from Michael Nathanson with MoffettNathanson.
下一位提问来自 MoffettNathanson 的 Michael Nathanson。
Michael Nathanson
MoffettNathanson LLC
I have 2, 1 for Philipp, 1 for Anat. Philipp, it's clear that when people use AI Mode, the query length is much longer. Could you talk about how that longer length may be impacting your ability to drive ROAS and what you're seeing in terms of some of the early -- the benefits of maybe longer query length?
我有两个问题，一个问 Philipp，一个问 Anat。Philipp，很明显用户在使用 AI Mode 时，查询长度更长。你能否谈谈更长的查询长度如何影响你们驱动 ROAS 的能力？以及在早期测试中，你们看到的——也许是由更长查询长度带来的——收益有哪些？
And then, Anat, you came to Alphabet from a pharmaceutical company. You've been there more than a year. Can you talk a bit about how you're working to look at ROIC internally? And what early signs are you seeing that gives you confidence that the spending is really driving better returns longer term?
另外，Anat，你从一家制药公司加入 Alphabet，至今已一年多。能否谈谈你们在内部如何审视 ROIC？以及有哪些早期迹象让你有信心认为当前支出确实在推动长期更好的回报？
Philipp Schindler
Senior Vice President & Chief Business Officer of Google
Look, as Sundar shared, AI Mode now has over like 75 million daily active users in the U.S. and we see a strong and consistent week-over-week growth in usage since launch, and the queries doubled over the quarter. And as I also mentioned, we're testing ads in AI Mode. We'll continue to test before we expand any further. It's really too early to tell and go into any of the details of that testing.
如同 Sundar 所分享，AI Mode 在美国的日活已超过约 7,500 万，自发布以来使用量呈现持续而强劲的周度增长，季度内查询量实现翻番。正如我也提到的，我们正在 AI Mode 中测试广告；在进一步扩大之前会持续测试。现在讨论测试细节或定论为时尚早。
Anat Ashkenazi
Senior VP & CFO
Yes. And the question related to ROIC and how we look at just overall our business and where do we see early signs that are encouraging. So first, I would say it's not just early signs because we're seeing returns, obviously, in the Cloud business. You've heard us talk about the fact that we already are generating billions of dollars from AI in the quarter. But then across the board, we have a rigorous framework and approach by which we evaluate these long-term investments that are meant to do 2 things. One is to ensure we have -- we built a resilient growth profile for the company, but also that we meet the demand of the customers that we have here in the more near and midterm.
好的。关于 ROIC，以及我们如何从整体业务角度看待它、并观察到哪些令人鼓舞的早期信号。首先，我要说这不仅仅是“早期信号”，因为我们已经在 Cloud 业务上看到了回报——你们也听到我们提到，本季度我们已从 AI 相关业务中产生了数十亿美元的收入。更广泛地说，我们有一套严谨的框架与方法来评估这些长期投资，目标有两点：其一，确保为公司构建有韧性的增长曲线；其二，在更近与中期层面满足现有客户的需求。
So we look at it across the business. We evaluate the potential return for each one of them whether it's in Cloud, and I think that's more visible, obviously, externally given that you see the revenue generated and the fact that we're unable to meet, at this point, customer demand. We have more demand than we have supplied. In our Ads business, you see the fact that we're investing to transform Search, as you heard from Philipp and Sundar, with AIO and AI Mode. So we're excited to see what our investments are -- how our investments are helping advertisers as well. YouTube, where it's helping power recommendations.
因此我们在各业务线上统一看待并评估其潜在回报——无论在 Cloud（这一点对外部更直观，因为你们能看到收入，并且目前我们供给仍低于客户需求，需求大于供给），还是在 Ads 业务中通过 AIO 与 AI Mode 推动 Search 的升级（正如 Philipp 与 Sundar 所述）。我们也很期待看到这些投入如何帮助广告主。在 YouTube，我们的投入也在驱动推荐系统。
So we're -- when we make a decision on investment in the long term, we go through a very rigorous process of assessing what the return could be and over what time frame we will see that return to give us the high level of confidence to then invest and make those investments for the long term. So it's a very rigorous approach.
因此，当我们做出长期投资决定时，会经过非常严格的流程来评估潜在回报及其兑现的时间框架，从而在高置信度的前提下进行长期投入。这是一种非常严谨的方法论。
Operator
Our next question comes from Ross Sandler with Barclays.
下一位提问来自 Barclays 的 Ross Sandler。
Ross Sandler
Barclays Bank PLC, Research Division
Great. About 20% of Google's search queries are commercial historically, and you've talked a bunch on this call about how AI Overviews are kind of expanding the breadth of queries. Could you talk about how new products from the monetization side, like AI Max, are potentially increasing the percent of commercial queries?
很好。历史上，大约 20% 的 Google 搜索查询是商业性质的，你们在这次电话会上多次提到 AI Overviews 正在扩展查询的广度。能否谈谈在变现侧的新产品（如 AI Max）如何有可能提升商业查询所占比例？
Philipp Schindler
Senior Vice President & Chief Business Officer of Google
So look, AI Max, and I mentioned this in my call before, improves the ability for advertisers to target a wider range of queries. Separately, there is the question of whether queries actually increase with AI Mode, and Sundar actually talked about it and mentioned the opportunity that he sees here. So I think it's important to separate those 2 things. And I personally also see this, what I just said in my last remarks, that I think, over time, there's an opportunity to actually take, let's say, queries that are not fully commercial but could have an adjacent commercial relationship to basically expand this into more attractive ads offerings without -- while really creating a really interesting user experience at the same time.
这样看，AI Max——我之前在发言里提到过——提升了广告主触达更广泛查询的能力。另一个单独的问题是，AI Mode 是否实际上在增加查询量，Sundar 已经谈到并指出其中的机会。所以我认为需要把这两点区分开来。就我个人看法（也呼应我上一个回答），随着时间推移，我们有机会把那些不完全商业化、但与商业相邻的查询，拓展为更具吸引力的广告供给，同时真正打造有趣的用户体验。
Sundar Pichai
CEO & Director
Yes. And the only thing I would add is just stepping back broadly, I think AI Overviews and AI Mode are dramatically improving search. We can see it in user satisfaction, user quality, all our metrics, and they're universal in the nature. They apply across the universality of human needs. So I think we are seeing it in breadth. And so naturally, over time, that will apply to commercial categories as well.
是的，我只补充一点——从更宏观的角度看，AI Overviews 与 AI Mode 正在显著改进搜索。我们在用户满意度、结果质量以及各项指标上都能看到，且二者具有普适性，覆盖人类需求的广泛场景。所以我们确实在广度上看到了提升，而随着时间推移，这种提升自然也会体现在各类商业场景之中。
Operator
Our next question comes from Ken Gawrelski with Wells Fargo.
下一位提问来自 Wells Fargo 的 Ken Gawrelski。
Kenneth Gawrelski
Wells Fargo Securities, LLC, Research Division
Two questions, please. First, it appears more and more clear that all the new modes at Google with Gemini Overview -- AI Overviews, AI Mode, even ChatGPT is growing the addressable market for engagement and search-like behavior. Could you talk about what gives you confidence that it will also grow the addressable market for marketing activity and overall revenue associated with that behavior? That's question one.
两个问题。首先，越来越清楚的是，Google 的新模式配合 Gemini——AI Overviews、AI Mode，甚至 ChatGPT——正在扩大用户参与度与类搜索行为的可寻址市场（TAM）。你们为何有信心认为这同样会扩大与这些行为相关的营销活动的可寻址市场以及整体收入？这是第一个问题。
And question two is just more about as you think about AI Mode, AI Overviews and traditional Google Search, how do you think -- do you see a world in 12 to 24 months, those all coexist? And does the user eventually pick what mode they want? Is -- does the algorithm pick the mode? Can you talk a little bit about how you think that will progress over the next 12 to 24 months?
第二个问题是，当你们思考 AI Mode、AI Overviews 与传统 Google Search 的关系时，是否预见在未来 12 至 24 个月内它们将共存？最终是用户自己选择模式，还是由算法选择？能否谈谈你们认为接下来 12 至 24 个月这一切将如何演进？
Sundar Pichai
CEO & Director
Ken, thanks. Look, I think it's a dynamic moment, and I think we are meeting people in the moment with what they are trying to do. Obviously, Search is evolving, and between AI Overviews and AI Mode, I think we are able to kind of give that range of experience for people in this moment. Over time, you will expect us to -- you can expect us to make the experiences simpler in a way that, just like we did universal search many, many years ago, we may have done text search, image search, video search, et cetera, and then we kind of brought it together as universal search. So you will see evolutions like that, but I think we want to be sensitive to making sure we are meeting the users in terms of what they are looking for.
Ken，谢谢。我认为这是一个充满变化的时刻，我们正在“就地满足”用户此刻要完成的事情。显然，Search 在演进，在 AI Overviews 与 AI Mode 之间，我们可以在此刻为用户提供一系列不同的体验。随着时间推移，你可以预期我们会把体验进一步简化——就像很多年前我们把文本搜索、图片搜索、视频搜索等整合成 universal search 一样。你会看到类似的演进，但我们会谨慎把握，确保按用户所求去满足他们。
I think Gemini allows us to build a more personal, proactive, powerful AI assistant for that moment. And I think having the 2 surfaces search in Gemini allows us to really serve users across the breadth of their needs. And -- but over time, we will thoughtfully look for opportunities to make the experience better for users.
我认为 Gemini 让我们能够为当下场景打造更个性化、更主动、更强大的 AI 助手。而在 Search 与 Gemini 这两个入口上并行布局，使我们能覆盖用户更广泛的需求。与此同时，随着时间推移，我们会谨慎寻找机会，持续改善用户体验。
And to the first part, I would broadly say, as I do think we've been consistently saying for a while now, this is an expansionary moment, and we are seeing people engage more. And I think when they do that, naturally, a portion of that information for users, those journeys are commercial in nature. So I would expect that to play out over time as well.
至于第一个问题，概括地说，正如我们一段时间以来所强调的，这是一个扩张期，我们看到用户参与度在上升。而当参与更频繁、更深入时，其中一部分用户信息需求与路径天然具有商业属性。所以我预计这一点也会随着时间逐步体现出来。
Operator
Our last question comes from Justin Post with BAML.
最后一个问题来自 BAML 的 Justin Post。
Justin Post
BofA Securities, Research Division
Great. Just a couple. Sundar, I think you mentioned Gemini 3 is coming. Maybe you can comment on the pace of innovation in frontier models. Is there still just a tremendous amount of innovation? Or is it slowing at all? And then you mentioned a number of large deals signed in the last 9 months for cloud, which is great. Any changes in the economics of these deals as far as long-term profitability? Anything we should be aware of?
好的，就两个问题。Sundar，我记得你提到 Gemini 3 即将发布。能否谈谈前沿模型（frontier models）的创新节奏？是否仍在发生大量创新，或者是否有所放缓？另外，你提到过去 9 个月 Cloud 签下了若干大单，这非常好。这些交易在长期盈利性方面的经济性是否有变化？有没有我们需要注意的地方？
Sundar Pichai
CEO & Director
Thanks, Justin. The first on the pace of frontier model research and development. Look, I think 2 things are both simultaneously true. I'm incredibly impressed by the pace at which the teams are executing and the pace at which we are improving these models. But it also is true at the same time that each of the prior model you're trying to get better over is now getting more and more capable. So I think both the pace is increasing, but sometimes we are taking the time to put out a notably improved model, so I think -- and that may take slightly longer. But I do think the underlying pace is phenomenal to see. And I'm excited about our Gemini 3.0 release later this year.
谢谢你，Justin。先谈前沿模型研发的节奏。我认为有两点同时成立：一是团队的执行速度和我们改进模型的速度都令人印象深刻；二是我们要超越的上一代模型本身也越来越强。因此，一方面节奏在加快；另一方面，为了推出显著改进的版本，我们有时会刻意拉长节拍。这可能会稍微多花一些时间。但我认为底层推进的速度依然非常惊人。我对今年晚些时候发布的 Gemini 3.0 感到兴奋。
On Cloud, I would point out as a sign of the momentum, I think the number of deals greater than $1 billion that we signed in the first 3 quarters of this year are greater than the 2 years prior. So we are definitely seeing strong momentum, and we are executing at pace. And in terms of long-term economics, I would say that, again, us being a full stack AI player and the fact that we are developing highly differentiated products on our own technology, I think, will help us drive a good trajectory here as you have seen over the past few years.
关于 Cloud，我想强调动能的一个信号：今年前三个季度我们签下的超过 10 亿美元的大单数量，已经超过前两年的总和。因此动能非常强，我们也在快速执行。就长期经济性而言，我们是全栈 AI 参与者，并且基于自有技术打造高度差异化的产品，我认为这将继续帮助我们沿着过去几年所展示的良好轨迹前行。
Operator
And that concludes our question-and-answer session for today. I'd like to turn the conference back over to Jim Friedland for any further remarks.
今天的问答环节到此结束。下面把会议交还给 Jim Friedland 做会议结束致辞。
James Friedland
Senior Director of Investor Relations
Thanks, everyone, for joining us today. We look forward to speaking with you again on our fourth quarter 2025 call. Thank you, and have a good evening.
感谢各位今天的参与。我们期待在 2025 年第四季度财报电话会上再次与大家交流。谢谢，祝各位晚上愉快。
Operator
Thank you, everyone. This concludes today's conference call. Thank you for participating. You may now disconnect.
谢谢各位。本次电话会议到此结束。感谢参与，现在可以断线了。